Nigeria iGaming Market Overview and Infographic
Nigerian law has online gambling banned. A loophole is that one can always participate in offshore gambling. Another oddity is that there is mostly unregulated gambling going on despite various rules and regulation in place. Gambling outlets with the most popularity are sports betting, land casinos, and lottery.
Going all out
People deny themselves food after losing a large amount of money, hundreds of people turn up at shows just for placing bets and bet an average of above €22.58 despite the fact that their average monthly income is just €242. This clearly portrays an image of gambling heaven for dealers.
A betting company can spawn 20 million Nigerian Naira (€46K) in a month while spending only ₦5-7m (€11- 15K) in Nigeria for meeting its obligations to winners in terms of payments. This means more than triple the profit!
Moreover, similar to its neighbouring countries, the gamblers in Nigeria have a huge following of football and boxing/UFC.
Stats, Facts and Figures
Between the ages of 18 to 40 years, around 60 million Nigerians pour €4.1 million on sports betting daily, the average wager being €7. Gross casino gambling revenue in 2014 amounted to €27.8 million. The future looks bright as well, with an estimate of gathering €55.8 million in 2019.
Official Licensing Body In Nigeria And Licensees
Nigerian Investment Promotion Commission (NIPC), Special Control Unit against Money Laundering (SCUML), and the National Office for Technology Acquisition and Promotion (NOTAP) are the three aforementioned licensing bodies, and it is imperative for a gambling operator to be approved by all three policies to avoid any potential law enforcement.
Did You Know?
Forget being just mere gamblers, research says that when it comes to football betting, 70% of Nigerian youths are fanatics!
Nigeria iGaming Market Infographic
All figures are given in EUR for ease of comparison. 1 EUR = 0.89 GBP / 1.20 USD as of 01/01/2018.